BIC / SWIFT Code for Any Bank

BIC / SWIFT code for Bank: A SWIFT/BIC is an 8-11 character code that identifies your country, city, bank, and branch. Bank code A-Z 4 letters representing the bank. Swift Code works as a standard format for Business Identifier Code (BIC). As identifying specific signatures across borders is difficult, therefore, a standardized system is formed and incorporated by financial institutions known as Swift Code. The BIC / SWIFT code for Bank is used for the identification of banks and financial institutes globally.

It indicates the location and the place. It can be defined as an international bank code or a unique identification number. The swift code is used when there is a need for the transfer of money between banks globally. Banks use the Swift Codes to exchange messages; there is transparency in communication with the BIC / SWIFT code for any bank.

What is Swift Code?

Swift Code is a bank identifier code which is a unique identification code most banking and financial institutions use worldwide. With the help of swift code or BIC (Bank Identifier Code) identifying a bank is easy, secure, and reliable. It ensures the accurate transfer of funds to the recipient’s bank. It can be considered as an address of the recipient’s bank.

How Does a Swift Code Work?

The Swift Code is formulated with some signatures hidden inside the code such as bank name, country, branch name, and location. With the help of the BIC code, one financial institution identifies the bank. The Swift code is needed at the time of processing an international transaction.

People can easily find the Swift Code on the bank passbook. But there are other ways also available. All the options for finding the Swift Code or BIC are elaborated in the upcoming sections.

Swift Code / BIC (Bank Identifier Code) Format

The SWIFT / Bank Identifier Code (BIC) is an 8 to 11-character extended code. The different parts of the code represent details such as country, city, bank, and branch of a financial institution. Let’s understand the various aspects of SWIFT code one by one outlined below.

Bank Code

• The bank code is represented by 4 letters which is more like a shorthand of the bank’s name such as SBIN (State Bank of India).

Country Code

• 2 letters represent the country name in which the bank is situated. For example, the code for India is IN similarly you can think of other countries.

Location Code

• Location code consists of two characters made up of letters and numbers. It states the head office of the bank.

Branch Code

• The branch code is composed of 3 digits and it states the particular branch of the bank.

Why is Swift Code Required for International Money Transfer?

The reason behind the introduction of Swift Code is to attain the following:

• Global Standardization: Swift Code is accepted globally by banks to easily identify banks or financial institutes, reducing error and achieving reliable transactions across borders.
• Efficiency: With the help of Swift Code two banks can quickly connect and process the international transfer. Overall it saves time and effort for both banks and customers.
• Security: With Swift, encryption and authentication of clients have been achieved, and also improved transfer without exposing sensitive financial information.

How do I find a SWIFT code?

Nowadays, sending money internationally is turning out to be easy and convenient. With the invention of Swift Code, the trust of people in banks or financial institutions has increased gradually. But many people still struggle to find the swift code. Therefore, we have outlined some key points to locate Swift Code.

• Contact Recipient’s Bank: To know the recipient’s bank swift code you can directly contact them and ask for their bank speedy code.
• Online Search: An alternative way to find the swift code is by searching on the internet. These days many banks showcase their quick code on their website. So just find the bank name on the internet and check the bank’s official website. For example, you can visit the SBI website SWIFT code page to know the branch-wise swift code of SBI.
• Swift Code Directories: A person can find the code by checking out the Swift Code directories available on the internet. But it requires some the information such as the bank name and its location.
• Ask Your Bank: People can reach out to their bank and ask them to provide the Swift Code to get money from the cross border.

List of World Famous Banks with Swift Codes (Country Wise)

Swift Codes – USA

USA Banks and Their Swift Codes

Swift Code – UK

UK Banks and Their Swift Codes

Swift Code – Singapore

Singapore Banks and their Swift Codes

Swift Code – Australia

Swift Code – Canada

Swift Code – Germany

Swift Code – New Zealand

Swift Code – UAE

Swift Code – Russia

Swift Code – Italy

Swift Code – France

Swift Code – Kuwait

Swift Code – Saudi Arabia

Similarities and Difference between BIC & SWIFT

BIC and SWIFT Sode Similarities: Many people get confused with the BIC & SWIFT. But both are similar and therefore used interchangeably. The word SWIFT is a short-term used for Society for Worldwide Interbank Financial Telecommunication whereas BIC stands for Bank Identifier Code. The SWIFT code is also referred to as BIC.

We have understood that there is no difference between the SWIFT or BIC and both are used interchangeably to identify banks during international money transfer. Let’s understand Swift code with an example

Understanding Format of Swift/BIC Code with Examples

Earlier in this article we understood the format of Swift Code. But memorizing things is difficult therefore here we will understand the different parts of Swift code examples. For ease of understanding, we will consider the example of one of the prominent banking in India i.e. State Bank of India.

Swift/BIC Code Examples:

Example: SBIN IN BB 104

• The SBIN stands for State Bank of India. SBIN is a bank code.
• The word IN means India. IN is a country code.
• BB is a location code.
• 104 states the branch code.

Hope You have understood everything about the SWIFT code and its importance in international transactions. To stay updated subscribe to our newsletter.

How to Validate SWIFT/BIC Code Using RegEx?	Link

SWIFT/ BIC Code – FAQs

1. When do you need swift code?

When I need a SWIFT code? Our SWIFT code is usually required if someone is sending you an international money transfer . The code helps banks to transfer money abroad.

How to know my SWIFT code?

There are numerous ways to know your bank swift code. You can visit your bank website or contact your bank or check your statement to know your bank’s Swift Code. Several other ways are elaborated above in this article.

Q3. What is a Swift Code?

A swift code is a standardized system incorporated by financial institutions or banks to easily identify cross-border banks.

Q4. What is the difference between BIC & Swift codes?

BIC stands for Bank Identifier Code whereas Swift stands for Society for Worldwide Interbank Financial Telecommunication. However it all contributes to the international payments.

Q5. What is the format of the SWIFT code?

The SWIFT code is a group of 8 to 11 character long codes. Which majorly contains country code, bank code, branch code and location code.

Q6. Is Swift Code and Sort Code same?

No, the swift code is an international code and used while procession across border monetary transfer. Whereas the sort codes are used in england at national level only.